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Wednesday, April 12, 2006

Sellers Take A Breather

The market was fairly stable today after yesterday's sharp selloff. Breadth was weak though, with the Hi/Lo index declining on both exchanges. It fell to -56 on the NYSE and +2 on the Nasdaq, very close to negative territory. The yield on the 10-year also rose again today, finishing at roughly 4.98%, a new 52-week high. So that's a bit of a headwind.

The action today looked more like a lack of sellers that renewed conviction on the part of the bulls. I still believe that the correction has more to go, and I am not committing new money until I see something that convinvces me otherwise.

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About Me

Jordan Kahn, CFA is the Chief Investment Officer of KAM Advisors, in Beverly Hills, CA.
He is a frequent market commentator for numerous investment publications, and has appeared on CNBC and KNBC-Los Angeles. He is a regular columnist for RealMoney.com and has also been featured in TheStreet.com, Street Insight, Technology Investor, and Barron’s.